PaineWebber to Pay Damages to Depressed Broker

October 10, 2001 (PLANSPONSOR.com) - An NASD
tribunal has found UBS PaineWebber liable to a former broker
employed at one of the group's offices in Arizona, who
claimed he was fired after notifying the firm that he was
suffering from depression.

The Tribunal awarded the broker, Glenn Berkley, $250,000
in compensatory damages and $300,000 in punitive damages
and ruled that he did not have to repay the balance of a
signing bonus and loan in the amount of $439,386.40, which
he received on joining the group in March 1999.

Berkley claimed that PaineWebber fired him and
distributed his accounts to other employees shortly after
he advised the firm that he needed reasonable
accommodations to cope with his disability.

Following the ruling, Berkeley’s lawyers issued a
statement saying that the award “demonstrates that
securities arbitration tribunals will enforce the
provisions of the Americans with Disabilities Act and
protect brokers with legitimate claims.”